Panasonic to abandon 10 trillion yen 2019 sales target: Nikkei

Japanese electronics maker Panasonic will scrap its 10 trillion yen ($88.93 billion) group sales target for fiscal year ending March 2019 due to a cooling global business environment.TNN | March 26, 2016, 09:03 IST

Japanese electronics maker Panasonic will scrap its 10 trillion yen ($88.93 billion) group sales target for fiscal year ending March 2019 due to a cooling global business environment, the Nikkei reported.

The company is now targeting sales of about 9 trillion yen, but hasn't set a target date yet, the Japanese business daily reported.

Panasonic will also split its operations into two businesses and assign a sales target for each, according to the report.

The consumer products segment -- which includes the automotive, residential and white goods divisions -- has been set a target of 6 trillion yen in annual sales, while its business-to-business segment will have an annual sales target of 3 trillion yen, the Nikkei reported.

Panasonic had in February cut its full-year sales target to 7.55 trillion yen from 8 trillion yen, citing concerns over slowing economic growth in China.

Sponsored Stories

Subscribe To ETTelecom Newsletter

BSNL is yet to get the department of telecom (DoT) nod for commercially rolling out 4G services while the Narendra Modi-led government is eyeing to launch fifth-generation or 5G technology together with matured markets worldwide in 2020.